BTC selling pressure from Grayscale to continue for weeks

Crypto influencer Ash Crypto wrote on X (formerly Twitter) that he believes the selling pressure on BTC from Grayscale will continue for a few more weeks, during which time the price of BTC could move sideways or lower. "With the approval of the Bitcoin Spot ETF, investors who were invested in GBTC are pulling out. This is because Grayscale charges an annual fee of 1.5%, which is five to six times more expensive than other ETF products. In addition, investors who previously bought GBTC at a 40% discount are now closing out their positions as the premium has been reduced to 0%. To counter this investor exodus, Grayscale is selling BTC," he said. "Once the price stabilizes, investors are likely to reallocate funds from GBTC to ETFs with lower fees.